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A Beginner’s Guide to Dogecoin Mining

Republished by Plato

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So, you want to mine Dogecoin. The good news is you’ve come to the right place to get started mining the most successful meme coin available to humankind.

Welcome to the community that sent the Jamaican Bobsleigh team to the 2014 Olympics, helped bring clean water to a remote African Village, and sponsored a NASCAR driver at the Talladega Superspeedway – and all under the umbrella of a memed Japanese Shiba Inu.

Editor’s note: This Dogecoin mining review was originally published in November 2018. It has since been updated to reflect new information and market updates. Please refer to our Dogecoin guide for a more detailed analysis. 

Dogecoin: A Very Brief History

Dogecoin was founded by Jackson Palmer with help from Billy Markus. But to say founded is a little misleading since Dogecoin began as a joke, a parody of the moon chasing crypto communities.

Dogecoin, the joke, was started by Jackson Palmer initially on Twitter and later as a website he built. Dogecoin, the cryptocurrency, was released in 2013 by Palmer and Billy Markus with the hope to make cryptocurrencies a little more fun and approachable.

In its past, Doge has been used to crowdfund charitable donations and finance sporting sponsorships. More recently, the cryptocurrency is growing merchant adoption and finding better use cases beyond the energetic Dogecoin community.

So, what is Dogecoin? It’s a fun-loving altcoin/community/meme, sometimes worth over a billion dollars.

Intro to Dogecoin Mining

Here are some basic Dogecoin details compared to other cryptocurrencies like Bitcoin and Litecoin. Note that Litecoin and Dogecoin both use Scrypt hashing algorithms. This similarity has enabled merged mining between the two coins and allows for Dogecoin and Litecoin to be mined simultaneously. It’s like getting two for the price of one.

Dogecoin Bitcoin Litecoin
Algorithm Scrypt SHA-256 Scrypt
Difficulty* 2881328.6684 7182852313938.32 8717916.0203
Block Time* 1 minute 10 minutes 2.5 minutes
Block Reward* 10,000 DOGE 12.5 BTC 25 LTC
Current Coin Supply** 116,696,031,816 17,339,662 58,865,752
Y2050 Coin Supply** 280,853,172,058 20,983,495 83,883,478

As of Oct 25,2018 (*) coinwarz.com (**) onchainfx.com

There are two approaches to mining Dogecoin. Firstly, you can solo mine, meaning you provide hashing power yourself and are the only benefactor when confirming blocks. Solo mining is often very difficult to make profitable at a small scale and is best suited for larger operations. Unless you are just tinkering, in that case, tinker away, but expect a loss.

You should also be aware that there is an idea going around saying that solo mining Dogecoin is dead. The conclusion is that ASIC’s Litecoin miners have bloated the hash rate in Dogecoin mining so high that rewards are more commonly an indirect result of merge mining Litecoin and not directly mining Dogecoin.

Pooled mining, for the newbie miner, is a better approach if you’re looking for a higher return on your investment. Pooled mining is a collaborative effort between members who contribute their hashing power. Block rewards are proportionately shared among the members when a block is confirmed.

When you’re first getting started, you should join a Dogecoin mining pool. Competition is stiff and there is some serious hashing power out there, including ASICs. Merged mining of the more profitable Litecoin by ASICs means that some of that hashing power is also being used on the Doge network. Pooling moderate amounts of hashing power can give you the ability to compete for blocks even against larger mining operations. After all, “penny, penny makes a dollar.”

What You’ll Need to Get Started Mining Dogecoin

Before you can start mining and subsequently make it rain Doge, you’ll need a few things to make it happen.

  • Hardware. To start, any Windows, Mac OS, or Linux system will do. Basic machines are great to experiment with but scaling will require some more serious hardware including GPUs and ASICs.
  • Software. Depending on your OS and hardware the software can vary. Here are a few examples.
  • Dogecoin Wallet. You’ll need somewhere to send your mined Doge.

At this point, you could jump into mining, but remember that going it alone and mining Dogecoin solo is really tricky to make a profit, especially one worth your time. Instead, tap into a Dogecoin mining pool and take advantage of some that sweet sweet synergy.

  • Mining Pools. You’ll need a pool that supports Scrypt mining, here are a couple of good ones to get you started.
      • Prohashing: X11, Equihash, SHA-256, and Scrypt mining pools.
      • Multipool: Supports merged mining of Litecoin and Dogecoin.
  • Pro tip: If Dogecoin is your absolute endgame here, consider mining other Scrypt coins and selling them for Dogecoin. You can net more Doge with less hashing power.
Dogecoin mining at Prohashing

A look at the Prohashing miners’ dashboard

Alternatively, Dogecoin Mining in the Cloud

There is an easier method to mining Dogecoin and that is cloud mining. This hands-off approach lets you more-or-less just buy into a mining operation. You don’t own anything, instead, you rent the hardware from a larger data center. They run the mining for you and take their cut, as well as typically charge you for the electricity.

Cloud mining can be a strong option for anyone not looking to be committed to hardware or interested in managing the mining. However, cloud mining can be risky since most contracts are time locked. Meaning if you take a one-year Dogecoin mining contract from a cloud miner and the price of Doge falls below the cost of the mining and electricity then, well, I’m sure you can figure it out, but your ROI might take a hit.

In fact, Scrypt cloud mining has taken a hit recently and that includes Dogecoin. Top cloud mining services like Genesis Mining and Eobot have far fewer, if any, contracts for Scrypt mining.

There are also hashing power marketplaces, like Nicehash, where you can still get Scrypt mining contracts. NiceHash is slightly different than the other cloud mining pools since it pairs hashing power with buyers. The hashing power for sale isn’t from one mining company but from many ad hoc sellers. A cool system but a little tougher to get a handle on the bidding and pricing.

Can You Earn Interest on Your Dogecoin?

At the current moment, there aren’t any cryptocurrency interest accounts that offer interest on Dogecoin deposits. However, as the cryptocurrency interest account space expands to include more assets, it isn’t completely out of the logical range of thought that a company like BlockFi or Celsius may add Dogecoin. The asset’s volatility, however, may not work in its favor in this regard. 

The Conclusion on Dogecoin Mining

Ultimately, mining Dogecoin at a profit is going to be difficult, possible, but difficult. Dogecoin, though, has never really been about the money or profits, despite being worth millions. It’s an open and welcoming community of crypto enthusiasts willing to learn and share.

So in the spirit of the community, mining Dogecoin is an accessible way to get into the crypto scene. With new, more affordable options for mining, like USB Scrypt ASIC miners being made, the barriers to getting involved are lower than ever before.

Source: https://coincentral.com/dogecoin-mining-guide/

Blockchain

Bitcoin Mining Company Vows to be Carbon Neutral Following Tesla’s Recent Statement

Republished by Plato

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It goes without saying that Tesla took center stage last week when the company announced it would no longer support bitcoin payments for its electric vehicles.

The message seems to have resonated, as Greenidge Generation Bitcoin Mining has vowed to be carbon neutral in 2021 and beyond.

Carbon Neutral Bitcoin Mining

After announcing plans to expand its Bitcoin mining operations last month, Greenidge is now looking to go entirely carbon neutral this year and in the future.

The company is committed to the cause, and it plans to invest in US-based renewable energy projects.

According to a recent press release, the company will also take part in the Regional Greenhouse Gas Initiative, which is a market-based program where participants sell CO2 allowances through auctions and invest the proceeds in renewable energy and energy efficiency.


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Speaking on the matter was Jeffrey Kirt, the CEO of the company, who said:

“Our bitcoin mining capability is already best-in-class and seamlessly integrated with our electricity generation that powers thousands of homes and businesses. By taking the bold and unique step of making or cryptocurrency mining fully carbon neutral immediately – as opposed to some distant date in the future – Greenidge is once again leading in environmental efforts.”

Musk’s Message Resonates

Greenidge’s announcement comes days after the leading electric vehicle manufacturer, Tesla, revealed that it would no longer support bitcoin payments. As a reason for its decision, the company cited environmental concerns related to bitcoin mining.

Elon Musk, the company’s CEO, confirmed and reiterated that he is bullish on crypto but so long as it doesn’t have a negative environmental impact.

The company also said that it’s looking for ‘greener’ alternatives to Bitcoin so that it can continue accepting crypto payments. This led to many speculations about which cryptocurrency it would choose. Shortly after, Musk said that he’s working closely with Dogecoin developers to improve transaction efficiency, causing many to believe that the meme-inspired coin might be Tesla’s choice.

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Source: https://cryptopotato.com/bitcoin-mining-company-vows-to-be-carbon-neutral-following-teslas-recent-statement/

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There is something different this time around for MATIC and ETH

Republished by Plato

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MATIC’s growth has been community and developer-driven. Trading at the $1.13 level and registering 27% gain in price in the past 24 hours, MATIC’s rally is an extended one, leading the altcoin season 2.0. However, there is something different this time around, MATIC is currently rallying alongside ETH, more as an ally, than a competitor. With ETH’s price above the $3700 level, and MATIC’s rally, the alt season has offered several opportunities, consolidating alts and rallies following closely after.

Here's why traders are bullish on MATIC and ETH

MATIC network || Source: Twitter

Since the release of the latest transparency report on Polygon Multisigs, Polygon has become more relevant and there is increased demand for the altcoin across exchanges. Multisigs are used by top projects that have the feature of updating smart contracts. This is not the case for Ethereum, since smart contracts on Ethereum are immutable by design ie. they can not be changed once deployed.

However, this feature also means that if there is an inherent error or potential exploit in the code, there is no way to fix it. Upgradeable contracts are needed and that’s where Polygon’s narrative fits in, making it a much-needed scaling solution and an upgrade on ETH.

The current network statistics for MATIC are looking bullish since there are over 65.8 Million total transactions in over half a million wallet addresses and at $10.4 Billion market capitalization. The trade volume has increased consistently since the beginning of 2021 and more buyers are lining up across spot and derivative exchanges.

The demand for MATIC and the number of transactions have increased and are expected to increase to the level of Ethereum before the end of the alt season. The increase in wallet addresses and unique users is a direct measure of MATIC’s demand as an L2 scaling solution for the #1 altcoin in the crypto market.

The competition with ETH is no longer as intense, considering the fact that ETH’s increasing popularity contributes to the network growth and inflow of investment to MATIC. MATIC’s transaction volume largely depends on ETH’s network and the fact that ETH needs a scaling solution despite the launch of L2, has led to a symbiotic relationship between the two altcoins.


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Source: https://ambcrypto.com/there-is-something-different-this-time-around-for-matic-and-eth

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Ripple Partners with Sustainability Leaders to Reach Goals by 2030

Ripple has added its voice to the ongoing cryptocurrency sustainability pool with the announcement that it aims to hit carbon net zero by 2030. And it has partnered with various sustainability leaders to achieve that aim.

The post Ripple Partners with Sustainability Leaders to Reach Goals by 2030 appeared first on BeInCrypto.

Republished by Plato

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Ripple has added its voice to the ongoing cryptocurrency sustainability pool with the announcement that it aims to hit carbon net zero by 2030. And it has partnered with various sustainability leaders to achieve that aim.

In a tweet shared on May 15, Ripple (XRP) linked to a post on its website. The page detailed a number of aspects of their environmental strategy. This included a list of their partners, which already counts the Bill & Melinda Gates Foundation, Mercy Corps, Mojaloop Foundation, and the Institute for Business and Social Impact among them.

Overall, Ripple has non-government organization (NGO) partners in more than 80 countries.

Now, sustainability leaders like the Renewable Energy Buyers Alliance (REBA), the Energy Web Foundation, and Watershed have joined their ranks. The page also states:

“Our current global financial system does not meet the needs of 1.7 billion unbanked people. “Digital assets and distributed ledger technology (DLT) have the potential to transform how unbanked and underbanked populations access basic financial services and send and receive money across borders, making it more accessible, affordable and secure.”

The report on the website also referred to how green XRP is, compared to leading cryptocurrencies bitcoin (BTC) and ethereum (ETH). More specifically, XRP uses only 63,000 gallons per 100 million transactions. Meanwhile, BTC uses nearly 4 billion gallons per 100 million transactions. And ETH uses another 239 million gallons.

Sustainability and crypto

Cryptocurrency’s environmental implications have been the subject of much debate in recent weeks. Not least in light of Elon Musk raising the issue of fossil fuel emissions incurred by bitcoin mining.

The businessman took such a strong stance on this issue that he suspended BTC as a currency option for purchases at Tesla. This decision prompted a swift decline in BTC’s price, falling below the $50,000 threshold.

Even so, Musk’s decision was not met without criticism. Tim Draper, for one, made the point that the present banking system caused its share of environmental issues. The global investor suggested that, by Musk’s philosophy, he should stop accepting purchases in fiat currency as well.

Meanwhile, other nations are putting other measures in place to protect the environment against BTC mining. On May 15, reports stated that the Iranian authorities would enforce fines to anyone caught mining off household electricity.

Other updates on XRP

It’s an eventful time for Ripple at the moment. As a pending lawsuit against the U.S. Securities and Exchange Commission (SEC) continues. The next major event in the case is due to take place on May 17, primarily surrounding John E. Deaton’s Motion to Intervene. Deaton is scheduled to reply to Ripple and the SEC’s respective positions on his motion. The SEC will also respond to Ripple’s position on that Motion to Intervene.

But it’s not all bad, as on May 16, data indicated that XRP was up over 12% in a 24-hour period. XRP are currently ranked the fifth most valuable cryptocurrency by market capitalization.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Dale Hurst is a journalist, presenter, and novelist. Before joining the Be In Crypto team, he was an editor and senior journalist at a news, lifestyle and human-interest magazine in the UK.

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Source: https://beincrypto.com/ripple-partners-with-sustainability-leaders-to-reach-goals-by-2030/

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